EU warns several Member States of need to reform their anti-money laundering legislation

EU warns several Member States of need to reform their anti-money laundering legislation

On 12 February 2020 the information that European Commission has sent formal written notices to some Member States warning on non-compliance of their national anti-money laundering and terrorist financing (AML/FT) legislation with current European standards established by EU Directive 2018/843 and other acts has appeared. According to European Commission, the legislation of the following states does …

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Cyprus: imposition of annual trade license fees in Limassol municipality

Cyprus: imposition of annual trade license fees in Limassol municipality

In December 2019 the Municipality of Limassol has published an information of imposition of annual trade license fees on legal entities in this region of Cyprus on its official website. The abovementioned decision was made 26 September 2019 in accordance with Articles 104 and 105 of the Municipalities Law 111/1985. The requirement to pay annual …

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Cyprus

Cyprus introduced penalties for late filing of particular notifications and returns

On 18 December 2019 the Registrar of Companies of Cyprus has announced that the date of entry into force of amendment of Companies Law Cap. 113 (Law 149(I)/2018) which establishes penalties for late filing of notifications of company’s particular corporate procedures and returns with the Registrar has been changed from 18 December 2019 to 18 …

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Cyprus tax diary 2019

Cyprus tax diary 2019

In 2019 Cypriot taxpayers (including companies and individuals resident in Cyprus) must declare their incomes and pay taxes within the following deadlines: Deadline Taxpayer’s duties End of each month Payment of tax withheld from salary (PAYE, “pay-as-you-earn”) during the previous month. Payment of Social Insurance and General Healthcare Contributions from salaries of the previous month. …

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Central Bank of Cyprus has prohibited service of shell companies

Central Bank of Cyprus has prohibited service of shell companies

Being a regulatory authority in the sphere of banking and other financial activity in this jurisdiction, Central Bank of Cyprus has issued the Directive on prevention of money laundering and terrorist financing in February 2019. The main feature of this document is full prohibition of credit institutions’ cooperation with organizations that meet criterions of shell …

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Restrictions on servicing of shell companies in Cyprus banks

Cyprus Central Bank issues a new circular on shell companies

The Central Bank of Cyprus has issued a new Circular Letter dated 2 November 2018 concerning shell companies, also known as “paper companies” or “mailbox companies”. It is addressed to money laundering compliance officers of all credit, payment and e-money institutions. In summer 2018 the Cypriot Central Bank had already sent a similar circular, where …

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Restrictions on servicing of shell companies in Cyprus banks

Restrictions on servicing of shell companies in Cyprus banks

On 14 June 2018 the Central Bank of Cyprus has sent a Circular Letter to all financial institutions of this jurisdiction with requirement to restrict servicing of so called shell companies and letterbox companies. This Circular Letter defines shell companies and letterbox companies by establishing 4 criteria, meeting at least one of which will allow …

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Cyprus: changes in intellectual property tax regime

Cyprus: changes in intellectual property tax regime

As is known, the corporate income tax rate in Cyprus is 12.5%. At the same time the law provides a special tax regime for income from intellectual property (hereinafter – IP), which allows 80% deduction from profit received by a Cypriot company from use or disposal of an IP asset. In this case the effective …

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Why general powers of attorney are unadvisable for Cypriot companies?

The Institute of Certified Public Accountants of Cyprus (ICPAC) has given the following recommendations to Cyprus administrative service providers. Cyprus companies are not recommended (however, not prohibited) to issue general powers of attorney. Otherwise, the company may be not recognized as Cyprus tax resident and may consequently be unable to obtain a tax residency certificate. …

Why general powers of attorney are unadvisable for Cypriot companies? Читать далее »

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